Markets Welcome Fiscal Cliff Deal

1/1/2013 11:48PM

Both the U.S. Senate and House of Representatives approved a bipartisan deal to block most impending tax increases and postpone spending cuts. The WSJ's Mark Cranfield explains what the deal means for the U.S. deficit.

This transcript has been automatically generated and may not be 100% accurate.

I ... the ... in a ... blind eye to a plan to avert here and spending cuts and tax increases joining me now ... is reporter Mark Cranfield from Singapore ... a K Mart first the Senate passed now the Congress has to get in on ... the go ahead ... what is this all mean though for reducing the deficit in the US ... Rhodri bong ... Joon over a must read ... we know this is really just kicking the can even throw down the road which the vendor in a row for the last eighteen months ... I'm but a deal is is or was it better than no deal ... I'm at least one major rating agency has already said ... that just because of this the steel that it doesn't mean that America ... needs of Rinker the rate will move from being or negative outlooks ... in terms of ... the deficits to the moment to remind enormous ... on this note in a pot to make a meaningful difference to ... him in the months ahead ... as the country ... well we've certainly seen market share in Asia rallying hour ... GM can expect markets to continue their rally given the fact that there's been so much indecision over this deal out there ... if so ... what is important ... is that this is ... probably the last ... time impediment ... to Portage markets that was taken away ... what we've seen in the fourth quarter of last year it was a was a number of or a positive ... things come together so to take the American economy based on its own program which generated a pretty good in the fourth quarter ... in Europe we sing the Europeans ready to get in the mornings this idea that Greece is not going to leave anytime soon ... join us for the smooth ... transition of leadership and its avoided having a hard landing ... defence with a new aggressively to do once this but the climbing up the can already see the top of the stocks of knew what that that ... definition is weakening ... and even India we have an aggressive new finance minister ... is getting on with the school and financial reforms ... that was several positive factors were reporting into place and rebuilding the fiscal cliff was read the last wicket to ... out of the way for markets ... at an earlier though over the indices in there are certainly seeing some major currencies like the arrow ... being whipped around SM going for and what can we expect now in the currency markets ... what happens no because if you take away the fiscal cliff American know ... you're a much cooking or the Federal Reserve is doing ... the Federal Reserve is committed ... to open ended policy of quantitative easing which is placed it on a bearish ... Macy's Becky what goes in cost cuts to markets early trading today ... is all that he suspects a very well the Australian dollar New Zealand radio and the euro ... most of the Asian parents his role banging on the U S top of ... the condition that the Fed on its own ... this place in the polar bear store ... Emkay said the South while continues to the beginning of the year and the markets thanks Fran much marks craft of saving us from Singapore ... for more on this story new things added Avista dot com link where where we will